Short Refinance Bootcamp Part 9

Comments (7)
August 7, 2008

Today we wrap up our Short Refinance Bootcamp video series. I’ll go over some final points and talk about what’s in store for short refi applications in the very near future.

You’ll learn more about the Alt-A Crisis which is the force that will prove to the nation that we are NOT at the bottom of the market, but instead riding a future foreclosure wave that will come crashing through our nation for the next few years to come.

If you thought you might see values level out or start to increase by the end of 2008 or early 2009 then watch this video, do some research and try to re-evaluate that position before it’s too late.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • bodytext
  • del.icio.us
  • Facebook
  • Google
  • Propeller
  • Reddit
  • StumbleUpon
  • Technorati
  • TwitThis

If you're new here, you may want to sign up for priority email notification of all future videos. Just enter your email address in the form to the right. Thanks for visiting!

7 Comments, Comment or Ping

  1. Melanie

    An terrific assessment of the impact of Alt-A and Option Arm mortgages on the market until 2015 and the dire need for negotiated short refi’s in the future.

  2. chad hopkins

    Brian,

    I have found your videos to be extremely informative. I need to do a short refi on my home. Are you providing this service? If so please contact me immediately, my payments are current but not for much longer. If not, could you point me to someone that you recommend?

    Thank you very much

  3. Terry G

    Hi Brian,
    I just got my lender to accept a short refi. How ever the mortgage insurer denied the claim from my lender. The mortgage insurer changed thier policy. They only pay claims on short sales and foreclosures.
    What do you think?
    terry

  4. Terry,

    If the MI company won’t play ball, there’s not much you can do.

    Is you lender saying they won’t do the deal at all if the MI company is stepping out?

    It’s roadblocks like this that cut short all the hard work and effort the government is putting in on this issue. President Obama might be able to convince the lenders to consider “principle reduction” but if the MI companies say no, then everything is dead in the water.

    Same goes for two mortgage situations. If one lender is open to working out a solution, but the other is not, then everyone’s work, hopes, and effort is lost.

  5. z

    HI Brian,

    Curious to know if “Stated Income” exist in the short refi or must we be full docs in qualifying for the short refi?

  6. Scott

    Brian,

    Great information here. I have a few questions. Here is my situation:

    A. Loss Job late Feb 2009…Contacted Bank, and faxed in all information March 23rd (Hardship Letter, Bank Statements, Unemployment letter/qualifcation, Financial Worksheet)
    B. Home in FL bought for 285,000 worth about 185-200.
    C. Missed March and April payment (they wont talk to me unless I am late they say)
    D. I do have enough to make March and April payment now due to tax returns and prob May. Just dont want them to not talk to me anymore for loan Mod. ( DO I MAKE IT CURRENT..think they will talk to me? Wells Fargo is the bank)
    E. I have such a deficite in Income vs Expenses on my Financial worksheet
    F. Not Fannie or Freddie backed…so gov help is kinda soured.

    Question is do I make the payment? they are not moving very fast (surprise I know) I just dont want to be bleeded dry adn then have the house either.

    Help.
    thanks
    SS

  7. SS,
    Truth be told, I wouldn’t bother paying until I had ready-to-sign loan modification paperwork in hand.

    The banks collection departments are not out to help you in any way. My wife’s best friend was behind on their house payment 3 months. They slaved to put 2 mos together because the bank said that if they did that they would stop the foreclosure and send loan mod paperwork.

    They sent in the 2 mos payments and the bank backed out of their end of the deal. When they were called the bank said “Sorry, we’re going to pursue foreclosure anyway.”

    So they sucked the lifeblood out of a struggling family and now are moving to put them out. Nice.

    There’s no guarantees that they’ll do a loan modification. Until you have that paperwork you might as well be throwing your money in the fire. Doesn’t make sense if you’re hurting for cash.

Reply to “Short Refinance Bootcamp Part 9”